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US Labor Market Shows Resilient Growth with Job Additions in May

Retail job growth exceeds expert economists’ expectations

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The US retail trade sector experienced a modest increase of 11,600 jobs in May, signaling improvement compared to the previous year's loss of 51,400 jobs. Although the US Department of Labor Statistics considers this increase as "little changed," the overall labor market displayed resilience by adding 339,000 jobs, surpassing economists' expectations. Sectors such as professional services, government, health care, construction, transportation, and warehousing contributed significantly to the job gains. However, the manufacturing sector faced employment challenges, losing 2,000 jobs in May. Industry leaders expressed concerns about the weakness in employment and emphasized the need to address it. The Federal Reserve closely monitors the jobs data to determine the course of interest rate hikes, and the strong labor report may influence their decision. While economists suggest a potential pause in rate hikes due to some softening in the report, another rate hike later this month remains a possibility considering high inflation and the relative strength of the jobs data.

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